To get TechCrunch’s biggest and most important stories delivered to your inbox every day at 3pm PDT; Register here.
Imagine you’re a tech reporter with his family after a few fun days at Disney World, only to discover that the entire startup ecosystem is in chaos after a major bank collapses. Anyway, welcome to what we have to say, Christine! We miss you!
Apropos SVB – On Monday evening, the bank’s customers received a surprising email in their mailboxes. Natasha M Reports. Tim Maiopoulos, the bank’s new CEO, said the facility is not only open, but business as usual. who had That’s what he said. On their bingo card?
TechCrunch’s Top 3
- More meta suppressorsWe have heard rumors that Metta is going to be fired Manish And Paul Confirm that the company will cut an additional 10,000 jobs. In addition, the company will not fill thousands of open jobs and cancel “low priority projects”. More on Zuck’s thoughts on telecommuting in the Big Tech section.
- A global battle for generative AIIf you’ve been enjoying the updated features in Google Workspace, here are some more: Google is bringing AI to Workspace; Frederick Reports. More Google news below.
- OpenAI will not be a thing of the past: Hey you Saw this meme todayIt pretty much sums up what happened with AI ads (see above). After the news, Google discontinued OpenAI’s state-of-the-art multimodal AI, GPT-4. Kyle He wrote. Meanwhile, Devin reports that the first application of GPT-4 is “virtual volunteers” for blind people.
Startups and VCs
Shares in First Republic plunged 62 percent yesterday after the shock collapse of former rival Silicon Valley Bank. Well, that stock seems to be recovering a bit today, as investors seem to have little faith that we’ve ended the banking apocalypse. Alex Reports.
Flat6Labs is one of the most active VCs in Africa, having invested in over 100 startups in the Middle East and North Africa (MENA) region. Annie After 11 years, Egypt-based seed platform Accelerator is reportedly moving to raise a new $95 million fund to support startups in East and West Africa.
And we have five more for you:
3 Investors predict the future of startups and VCs following SVB’s collapse.
Silicon Valley Bank was more than just a choice to manage payroll and investors’ cash, it also offered wealth management services and below-market mortgages and helped coordinate private equity sales.
So where does this bank failure leave the tech industry? Who is most vulnerable, who benefits, and what are some of the long-term implications of VC? To find out more, interview Karan Bhasin and Ram Iyer:
- Maëlle Gavet, CEO, Techstars
- Nico Bonatos, Managing Director, General Catalyst
- Colin Beyer, Partner, Two Sigma Ventures
“We see consolidation in the VC segment,” says Gavett.
“It was already on the way, but this will probably speed it up, because SVB was also the primary lender to make capital commitment choices for GPs.”
Three more from the TC+ team:
TechCrunch+ It’s our membership program that helps founders and startup teams get ahead of the pack. You can register here.. Use code “DC” for 15% off annual subscription!
Big Tech Inc.
If you’re dying to buy Apple’s new “banana phone” but want to know whether the shade is more “sunny” or “dandelion,” the consumer products giant offers a live concierge who can answer that and any other question. Sarah It reports that this new way to shop for iPhone online includes a live shopping feature with your own specialist for that high-touch customer experience without waiting in line for hours.
Now let’s Google everything for you:
Here are five more that have nothing to do with Google: